Author: Agency

Some R765 billion has been allocated to the security cluster to up the ante in Government’s fight against crime and to support the defence forces. This was revealed during Finance Minister Enoch Godongwana’s Budget Speech delivered in Cape Town on Wednesday. “In the coming financial year, 10 000 new police recruits will be trained. As part of the country’s responsibility to promote regional peace and stability, this budget will also allocate funding for the deployment of soldiers in Mozambique and the DRC. “Work on costing and identifying the needs for these critical missions will continue throughout the year and funding…

Over the next few years, government plans to implement a global minimum corporate tax to limit the negative effects of tax competition. “Multinational corporations with annual revenue exceeding €750 million will be subject to an effective tax rate of at least 15%, regardless of where their profits are generated. The proposed reform is expected to yield an additional R8 billion in corporate tax revenue in 2026/27,” Finance Minister Enoch Godongwana said on Wednesday in Parliament. Delivering the 2024 National Budget Speech, Godongwana encouraged interested parties to provide comments on the draft Global Minimum Tax Bill published today. The draft Global…

With weak performance by South Africa’s economy resulting in a sharp deterioration in tax revenue collection for 2023/24, government has proposed tax measures to alleviate immediate fiscal pressure and support faster debt stabilisation. Delivering the 2024 National Budget Speech, the last Budget Speech of the sixth administration, Finance Minister Enoch Godongwana said at R1.73 trillion, tax revenue for 2023/24 is R56.1 billion lower than estimated in the 2023 Budget. “The shortfall is largely due to the decline in corporate profits and revenue from taxes on mining. Over the medium term, revenue projections are R45.6 billion higher than the 2023 MTBPS…

Police in Berea, in KwaZulu-Natal, have opened cases of impersonating a police officer, possession of drugs and fraud against a 38-year-old foreign national on Vause Road in Musgrave on Saturday. The suspect was also found in possession of rock cocaine and a fraudulent police identification card. The police were executing their crime prevention duties when they stopped and searched the man. A subsequent search at his place of residence on Okleigh Drive led to the recovery of fraudulent fishing permits, more fraudulent police identification cards, fraudulent refugee asylum work permits, a police date stamp, as well as 15 rounds of…

South Africans can look forward to a “unique” State of the Nation Address (SONA) this evening, as the important event is being held against the backdrop of the country preparing to commemorate 30 years of democracy. This according to President Cyril Ramaphosa’s spokesperson, Vincent Magwenya, who was addressing the media in Cape Town on Wednesday. SONA will be held at the Cape Town City Hall from 7pm. “This [SONA] is different and unique in so many ways. It is important that it is allowed its own expression and that South Africans can take out of it the celebratory element.  We…

Eskom is rolling out its load limiting project – aimed at optimising electricity consumption – across Gauteng following the project’s successful implementation in Fourways, Johannesburg. According to the power utility, load limiting aims to better balance the supply and demand of electricity during Stages 1 – 4 of load shedding. “Through load limiting measures during Stages 1 to 4 of load shedding, customers’ electricity capacity will be reduced from 60/80 Amps to 10 Amps. This will allow customers to continue with the minimal use of electricity for essential appliances such as lights, TVs, Wi-Fi routers, fridges and security systems. “An…

Higher Education, Science and Innovation Minister, Dr Blade Nzimande, has hailed the late Professor Mochichi Samuel Mokgokong, as one of our country’s most decorated academics and scholars. Nzimande joined the nation and the academic fraternity in mourning the passing of Mokgokong, who passed away last week following a battle with cancer. Mokgokong was well known for heading the team responsible for separations of craniopagus conjoined twins and has trained and mentored more than 20 neurosurgeons. Nzimande highlighted that Mokgokong has a long and distinguished academic career in the medical field, which has seen him form part of some of the…

Telecommunications provider Telkom says the R5.9 billion it had pledged during the last South African Investment Conference (SAIC) will contribute towards enhancing connectivity, especially as the country prepares for the national general elections this year. The company is deploying 4G and 5G network infrastructure nationally. At the fifth South Africa Investment Conference (SAIC) which was held in April 2023, Telkom announced that it would be investing R5.97 billion in Information and Communication Technologies (ICT) infrastructure development across South Africa. In a statement on Wednesday, the company said it wants to develop and enable solutions that enrich customers’ lives and enable…

The South African – Saudi Arabia Business Council has committed to boosting trade as part of efforts to grow the economies of both countries. In 2023, South Africa’s exports to Saudi Arabia increased to R7.3 billion from R6.6 billion in 2022, while imports from Saudi Arabia decreased to R54.6 billion in 2023 from R73.6 billion in 2022. The exported goods include agricultural products, motor vehicles, and basic chemicals, whereas the import items mainly consisted of refined petroleum and related products and crude oil. Speaking at a press briefing in honour of the visiting Saudi business delegation, Co-Chair of the South…

In a bid to ensure a smooth start to the 2024 academic year, the National Student Financial Aid Scheme (NSFAS) will process up to R4.2 billion as an upfront payment to all higher learning institutions, prior to the application and registration finalisation period. Higher Education, Science and Innovation Minister, Dr Blade Nzimande, made the announcement during a media briefing in Pretoria on Tuesday on the department’s state of readiness for the opening of the 2024 Post School Education and Training (PSET) academic year. “Out of its financial reserves, NSFAS will pay R1 billion to TVET [Technical Vocational Education and Training]…